3. You recently graduated and deaded that now would be a good time to purchase a new car You visited a car dealership and would like to purchase a vehicle for $28.000 You offered to pay a $3.500 down payment now and pay the remaining balance in equal payments of $473 65 per month over 60 months Consider the following situations Show all your work (a) instead of using the dealership's financing option, you decided to go a separate bank for financing This barik has offered to reduce your down payment to $1.000, with an APR of 83% compounded mority with equal monthly loan payments over 60 months, what is your new monthly payment? FORMULAS) Answer os Vou decided to go with the bank offer since it did not require as much of a down payment but 2 years (24 months) into the payments you decided that the interest rate is too high You would like to pay off the balance of the loan How much would you need to pay